Some of my best clients are those who have retired and are using their pension lump sums to fund their retirement income. The markets since 2007 have eroded over half of their pension asset and now their monthly incomes are in real jeopardy of running out. Six years after retiring they may have to go back to work. How can I re-set the stage with them when their goal was to have enough money not to worry and now clearly they do not?? And how do I ask them what their goals are considering that their most fundamental goals are no longer working out.

My first question is why would a retiree have that much exposure to the market? It's a bit confusing given that the market is not half of what it was in August of 2008, but just a couple thousand points below its historical high. Nonetheless, the future is not guaranteed. "Past performance is no guarantee of future results" is not just a disclosure statement for investments, it's a great perspective about life.

For these clients, you have to sit down with them, with tremendous compassion and empathy, and discuss the truth and explore their options. If going back to work is one of those options then develop their go-back-to-work plan. What are their options for work? Connections? Network? Skills to be polished? Etc.

For your future retirees, perhaps one of your deliverables should be a Plan B in the event the future is not cooperative.